Long-term debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt was comprised of the following: 

								As of March 31, 2020
	March 31, 2020			December 31, 2019			Maturity date	Interest rate		Estimated fair value(1)
Senior Secured Credit Facilities:
Term Loan A	$	1,728,125		$	1,739,063		8/12/2024	LIBOR + 1.50%		$	1,659,000
Term Loan B-1(2)	2,736,267			—			8/12/2026	LIBOR + 1.75%		$	2,640,498
Term Loan B(2)	—			2,743,125			8/12/2026	LIBOR + 2.25%		$	—
Revolving line of credit	500,000			—			8/12/2024	LIBOR + 1.50%		$	500,000
Senior Notes:
5 1/8% Senior Notes	1,750,000			1,750,000			7/15/2024	5.125	%	$	1,743,525
5% Senior Notes	1,500,000			1,500,000			5/1/2025	5.00	%	$	1,497,900
Acquisition obligations and other notes payable(3)	167,727			180,352			2020-2027	4.71	%	$	167,727
Financing lease obligations(4)	275,092			268,534			2020-2036	5.31	%
Total debt principal outstanding	8,657,211			8,181,074
Discount and deferred financing costs(5)	(68,757		)	(72,840		)
	8,588,454			8,108,234
Less current portion	(146,318		)	(130,708		)
	$	8,442,136		$	7,977,526

(1) Fair value estimates are based upon bid and ask quotes for the Company's senior secured credit facilities and senior notes, typically a level 2 input. The carrying values of acquisition obligations and other notes payable presented here approximate their estimated fair values, based on estimates of their current present values using level 2 interest rate inputs.

(2) On February 13, 2020, the Company entered into an amendment to its credit agreement governing its senior secured credit facilities to refinance the Term Loan B with a $2,743,125 secured Term Loan B-1.

(3) The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current interest rate in effect and assuming no changes to the LIBOR based interest rates.

(4) Financing lease obligations are measured at their approximate present value at inception. The interest rate presented is the weighted average discount rate embedded in financing leases outstanding.

(5)

As of March 31, 2020, the carrying amount of the Company’s senior secured credit facilities and senior notes include a discount of $6,207 and deferred financing costs of $42,420; and deferred financing costs of $20,130, respectively. As of December 31, 2019, the carrying amount of the Company’s senior secured credit facilities and senior notes include a discount of $6,457 and deferred financing costs of $45,444; and deferred financing costs of $20,939, respectively.

Scheduled Maturities of Long-term Debt

Scheduled maturities of long-term debt at March 31, 2020 were as follows:

2020 (remainder of the year)	$	95,359
2021	$	170,056
2022	$	172,376
2023	$	224,727
2024	$	3,671,586
2025	$	61,951
Thereafter	$	4,261,156

Schedule of Derivative Instruments

The following table summarizes the Company’s interest rate cap agreements outstanding as of March 31, 2020 and December 31, 2019, which are classified in "Other long-term assets" on its consolidated balance sheet: 

						Three months ended March 31, 2020				Fair value
	Notional amount		LIBOR maximum rate	Effective date	Expiration date	Debt expense		Recorded OCI loss		March 31, 2020		December 31, 2019
2015 cap agreements	$	3,500,000	3.50%	6/29/2018	6/30/2020	$	2,163	$	—	$	—	$	—
2019 cap agreements	$	3,500,000	2.00%	6/30/2020	6/30/2024			$	17,346	$	7,106	$	24,452

Effects of Interest Rate Swap and Cap Agreements

The following table summarizes the effects of the Company’s interest rate cap agreements for the three months ended March 31, 2020 and 2019:

	Amount of unrecognized losses in OCI on interest rate cap agreements						Income statement location	Reclassification from accumulated other comprehensive loss into net income
	Three months ended March 31,							Three months ended March 31,
Derivatives designated as cash flow hedges	2020			2019				2020			2019
Interest rate cap agreements	$	(17,346	)	$	(781	)	Debt expense	$	2,163		$	2,163
Related income tax	4,328			201			Related income tax	(540		)	(557		)
Total	$	(13,018	)	$	(580	)		$	1,623		$	1,606